{"id":67782,"date":"2026-04-03T08:51:23","date_gmt":"2026-04-03T01:51:23","guid":{"rendered":"https:\/\/hbbgroup.net\/tuong-cha-de-bitcoin-xuat-hien-tai-truong-dai-hoc-fpt\/"},"modified":"2026-04-03T09:32:05","modified_gmt":"2026-04-03T02:32:05","slug":"chung-khoan-psi-dinh-huong-theo-mo-hinh-ib-len-ke-hoach-loi-nhuan-tang-13","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/chung-khoan-psi-dinh-huong-theo-mo-hinh-ib-len-ke-hoach-loi-nhuan-tang-13\/","title":{"rendered":"Ch\u1ee9ng kho\u00e1n PSI \u0111\u1ecbnh h\u01b0\u1edbng theo m\u00f4 h\u00ecnh IB, l\u00ean k\u1ebf ho\u1ea1ch l\u1ee3i nhu\u1eadn t\u0103ng 13%"},"content":{"rendered":"

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V\u1edbi \u0111\u1ecbnh h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c tr\u1edf th\u00e0nh c\u00f4ng ty ch\u1ee9ng kho\u00e1n ho\u1ea1t \u0111\u1ed9ng theo m\u00f4 h\u00ecnh ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 ho\u00e0n ch\u1ec9nh trong l\u0129nh v\u1ef1c c\u00f4ng nghi\u1ec7p n\u0103ng l\u01b0\u1ee3ng, Ch\u1ee9ng kho\u00e1n D\u1ea7u kh\u00ed (HNX<\/a>:\u00a0PSI<\/a>) \u0111\u1eb7t m\u1ee5c ti\u00eau v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu n\u0103m 2026 \u0111\u1ea1t t\u1ed1i thi\u1ec3u 800 t\u1ef7 \u0111\u1ed3ng, l\u00e3i sau thu\u1ebf 50.6 t\u1ef7 \u0111\u1ed3ng.<\/p>\n

\u0110\u00e1nh gi\u00e1 b\u1ed1i c\u1ea3nh v\u0129 m\u00f4, ban \u0111i\u1ec1u h\u00e0nh\u00a0PSI\u00a0cho r\u1eb1ng l\u1ea1m ph\u00e1t \u0111ang b\u1eaft \u0111\u1ea7u \u0111\u01b0\u1ee3c c\u1ea3m nh\u1eadn r\u00f5 r\u1ec7t d\u1ea7n l\u00ean v\u00e0 \u00e1p l\u1ef1c s\u1ebd t\u0103ng \u0111\u00e1ng k\u1ec3 trong n\u0103m 2026 d\u01b0\u1edbi t\u00e1c \u0111\u1ed9ng c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1. Th\u1ee9 nh\u1ea5t, cung ti\u1ec1n n\u0103m 2025 t\u0103ng m\u1ea1nh nh\u1ea5t trong 10 n\u0103m tr\u1edf l\u1ea1i \u0111\u00e2y v\u00e0 l\u1ea1m ph\u00e1t th\u01b0\u1eddng t\u0103ng nhanh sau 12-18 th\u00e1ng cung ti\u1ec1n t\u0103ng m\u1ea1nh. Th\u1ee9 hai, nhu c\u1ea7u ti\u00eau d\u00f9ng n\u1ed9i \u0111\u1ecba t\u1ed1t h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00f9ng k\u1ef3 s\u1ebd t\u1ea1o \u00e1p l\u1ef1c t\u1eeb c\u1ea7u k\u00e9o. Cu\u1ed1i c\u00f9ng l\u00e0 \u0111\u1ed3ng n\u1ed9i t\u1ec7 suy y\u1ebfu l\u00e0m t\u0103ng gi\u00e1 nh\u1eadp kh\u1ea9u, t\u1ea1o \u00e1p l\u1ef1c t\u1eeb chi ph\u00ed \u0111\u1ea9y.<\/p>\n

\u0110\u1ed3ng th\u1eddi, c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i s\u1ebd ph\u1ea3i t\u0103ng l\u00e3i su\u1ea5t huy \u0111\u1ed9ng v\u00e0 ph\u00e1t h\u00e0nh l\u01b0\u1ee3ng l\u1edbn tr\u00e1i phi\u1ebfu \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng v\u00e0 \u0111\u00e1p \u1ee9ng ch\u1ec9 s\u1ed1 an to\u00e0n v\u1ed1n. M\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t t\u1edbi cu\u1ed1i n\u0103m 2026 \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o l\u00e0 s\u1ebd t\u0103ng nh\u1eb9 v\u00e0 l\u00e0m t\u0103ng chi ph\u00ed v\u1ed1n huy \u0111\u1ed9ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i, \u0111\u1eb7c bi\u1ec7t l\u00e0 \u1edf nh\u00f3m ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i nh\u1ecf v\u1edbi th\u1ecb ph\u1ea7n khi\u00eam t\u1ed1n. Tuy nhi\u00ean, Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc c\u00f3 th\u1ec3 s\u1ebd ti\u1ebfp t\u1ee5c b\u01a1m ti\u1ec1n \u0111\u1ec3 h\u1ed7 tr\u1ee3 thanh kho\u1ea3n cho h\u1ec7 th\u1ed1ng v\u00e0 tr\u00e1nh t\u00ecnh tr\u1ea1ng chi ph\u00ed v\u1ed1n c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i t\u0103ng qu\u00e1 nhanh.<\/p>\n

Theo\u00a0PSI, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam b\u01b0\u1edbc v\u00e0o n\u0103m 2026 v\u1edbi n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc v\u00e0 nhi\u1ec1u \u0111\u1ed9ng l\u1ef1c m\u1ea1nh m\u1ebd cho giai \u0111o\u1ea1n m\u1edf r\u1ed9ng ti\u1ebfp theo. N\u1ec1n kinh t\u1ebf Vi\u1ec7t Nam \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng ti\u1ebfp t\u1ee5c n\u1eb1m trong nh\u00f3m t\u0103ng tr\u01b0\u1edfng nhanh nh\u1ea5t ch\u00e2u \u00c1, khi Ch\u00ednh ph\u1ee7 \u0111\u1eb7t m\u1ee5c ti\u00eau t\u0103ng GDP b\u00ecnh qu\u00e2n n\u0103m \u1edf m\u1ee9c hai con s\u1ed1 \u0111\u1ebfn n\u0103m 2030 theo chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n m\u1edbi. M\u1eb7c d\u00f9 \u0111\u00e3 ghi nh\u1eadn m\u1ee9c t\u0103ng gi\u00e1 m\u1ea1nh trong n\u0103m 2025, \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f2n h\u1ea5p d\u1eabn.<\/p>\n

VN-Index<\/a>\u00a0hi\u1ec7n \u0111ang giao d\u1ecbch \u1edf m\u1ee9c P\/E d\u1ef1 ph\u00f3ng 2026 l\u00e0 13.8 l\u1ea7n, th\u1ea5p h\u01a1n m\u1ee9c trung b\u00ecnh 5 n\u0103m (16.6x l\u1ea7n). So v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng trong khu v\u1ef1c, Vi\u1ec7t Nam v\u1eabn n\u1ed5i b\u1eadt nh\u1edd s\u1ef1 k\u1ebft h\u1ee3p h\u00e0i h\u00f2a gi\u1eefa t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng cao v\u00e0 m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd, cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng v\u1eabn \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a chu k\u1ef3 t\u0103ng m\u1edbi.<\/p>\n

Trong b\u1ed1i c\u1ea3nh \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn, l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p c\u1ea3i thi\u1ec7n v\u00e0 d\u00f2ng v\u1ed1n ngo\u1ea1i d\u1ea7n quay tr\u1edf l\u1ea1i,\u00a0PSI\u00a0cho r\u1eb1ng th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba \u0111\u1ec3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 l\u1ea1i \u1edf m\u1ee9c cao h\u01a1n. K\u1ef3 v\u1ecdng m\u1ee5c ti\u00eau cho\u00a0VN-Index\u00a0\u1edf m\u1ee9c 1,800 \u0111i\u1ec3m trong n\u0103m 2026 trong k\u1ecbch b\u1ea3n c\u01a1 s\u1edf, v\u1edbi k\u1ecbch b\u1ea3n t\u00edch c\u1ef1c khi d\u00f2ng ti\u1ec1n kh\u1ed1i ngo\u1ea1i quay tr\u1edf l\u1ea1i m\u1ea1nh m\u1ebd ch\u1ec9 s\u1ed1 c\u00f3 th\u1ec3 h\u01b0\u1edbng t\u1edbi v\u00f9ng \u0111\u1ec9nh l\u1ecbch s\u1eed cao h\u01a1n t\u1ea1i 1,900 \u0111i\u1ec3m.<\/p>\n

Trong b\u1ed1i c\u1ea3nh d\u1ef1 b\u00e1o m\u00f4i tr\u01b0\u1eddng kinh doanh nh\u01b0 tr\u00ean, v\u1edbi \u0111\u1ecbnh h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0a\u00a0PSI\u00a0tr\u1edf th\u00e0nh c\u00f4ng ty ch\u1ee9ng kho\u00e1n ho\u1ea1t \u0111\u1ed9ng theo m\u00f4 h\u00ecnh ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 ho\u00e0n ch\u1ec9nh trong l\u0129nh v\u1ef1c c\u00f4ng nghi\u1ec7p n\u0103ng l\u01b0\u1ee3ng,\u00a0PSI\u00a0\u0111\u1eb7t m\u1ee5c ti\u00eau v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu n\u0103m 2026 \u0111\u1ea1t t\u1ed1i thi\u1ec3u 800 t\u1ef7 \u0111\u1ed3ng, h\u01b0\u1edbng t\u1edbi m\u1ee5c ti\u00eau cung c\u1ea5p \u0111\u1ea7y \u0111\u1ee7 c\u00e1c nghi\u1ec7p v\u1ee5 ch\u1ee9ng kho\u00e1n t\u1edbi kh\u00e1ch h\u00e0ng, bao g\u1ed3m c\u1ea3 nghi\u1ec7p v\u1ee5 ch\u1ee9ng kho\u00e1n ph\u00e1i sinh. Ch\u1ec9 ti\u00eau doanh thu 505.8 t\u1ef7 \u0111\u1ed3ng v\u00e0 l\u1ee3i nhu\u1eadn sau thu\u1ebf 50.6 t\u1ef7 \u0111\u1ed3ng, l\u1ea7n l\u01b0\u1ee3t t\u0103ng 6% v\u00e0 13%. T\u1ed5ng t\u00e0i s\u1ea3n n\u0103m 2026 \u0111\u1ea1t t\u1ed1i thi\u1ec3u 3,600 t\u1ef7 \u0111\u1ed3ng.<\/p>\n\n\n\n
\n
K\u1ebf ho\u1ea1ch kinh doanh 2026 c\u1ee7a\u00a0PS<\/strong>I<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n
\"\"<\/figure>\n\n\n\n

Trong n\u0103m, C\u00f4ng ty l\u00ean k\u1ebf ho\u1ea1ch n\u00e2ng c\u1ea5p, \u0111\u1ea7u t\u01b0 m\u1edbi v\u00e0 \u0111\u01b0a v\u00e0o v\u1eadn h\u00e0nh h\u1ec7 th\u1ed1ng Core giao d\u1ecbch ch\u1ee9ng kho\u00e1n, \u0111\u01b0a v\u00e0o v\u1eadn h\u00e0nh \u1ee9ng d\u1ee5ng s\u1ea3n ph\u1ea9m PS-AI, \u0111\u1eb7t d\u1ea5u \u1ea5n c\u00f4ng ngh\u1ec7 Trung t\u00e2m giao d\u1ecbch s\u1ed1. V\u1ec1 s\u1ea3n ph\u1ea9m d\u1ecbch v\u1ee5, C\u00f4ng ty s\u1ebd ph\u00e1t tri\u1ec3n c\u00e1c s\u1ea3n ph\u1ea9m d\u1ecbch v\u1ee5 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0, t\u0103ng c\u01b0\u1eddng b\u00e1n ch\u00e9o v\u1edbi ng\u00e2n h\u00e0ng.<\/p>\n\n\n\n

\u0110\u1ec3 th\u1ef1c hi\u1ec7n k\u1ebf ho\u1ea1ch n\u0103m 2026, PSI \u0111\u00e3 c\u00f3 \u0111\u1ec1 xu\u1ea5t v\u1edbi c\u00e1c b\u00ean c\u00f3 li\u00ean quan. C\u1ee5 th\u1ec3, \u0111\u1ec1 xu\u1ea5t T\u1eadp \u0111o\u00e0n D\u1ea7u kh\u00ed Vi\u1ec7t Nam ti\u1ebfp t\u1ee5c h\u1ed7 tr\u1ee3 C\u00f4ng ty \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau tr\u1edf th\u00e0nh C\u00f4ng ty ch\u1ee9ng kho\u00e1n ho\u1ea1t \u0111\u1ed9ng theo m\u00f4 h\u00ecnh ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 ho\u00e0n ch\u1ec9nh trong l\u0129nh v\u1ef1c c\u00f4ng nghi\u1ec7p n\u0103ng l\u01b0\u1ee3ng. C\u00f4ng ty c\u0169ng \u0111\u1ec1 xu\u1ea5t Ng\u00e2n h\u00e0ng PVCombank h\u1ed7 tr\u1ee3 ph\u00e1t tri\u1ec3n kh\u00e1ch h\u00e0ng d\u1ef1a tr\u00ean t\u1ec7p kh\u00e1ch h\u00e0ng s\u1eb5n c\u00f3 c\u1ee7a Ng\u00e2n h\u00e0ng. B\u00ean c\u1ea1nh \u0111\u00f3, \u0111\u1ec1 xu\u1ea5t \u0110H\u0110C\u0110 xem x\u00e9t k\u1ebf ho\u1ea1ch t\u0103ng v\u1ed1n \u0111i\u1ec1u l\u1ec7 \u0111\u1ec3 th\u00fac \u0111\u1ea9y ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/p>","protected":false},"excerpt":{"rendered":"

V\u1edbi \u0111\u1ecbnh h\u01b0\u1edbng chi\u1ebfn l\u01b0\u1ee3c tr\u1edf th\u00e0nh c\u00f4ng ty ch\u1ee9ng kho\u00e1n ho\u1ea1t \u0111\u1ed9ng theo m\u00f4 h\u00ecnh ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 […]<\/p>","protected":false},"author":5,"featured_media":67875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-67782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoan"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/67782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=67782"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/67782\/revisions"}],"predecessor-version":[{"id":67877,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/67782\/revisions\/67877"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/67875"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=67782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=67782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=67782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}